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Posted by Jenny Wright on August 17, 2024 at 2:27am 0 Comments 0 Likes
Posted by Leisa on August 17, 2024 at 2:27am 0 Comments 0 Likes
Savings Account is a standard Bank Account everyone holds. With a Savings Account, you can deposit your money securely and earn fair interest returns. The account allows you to make seamless payments and transactions online. However, some rules cater to Savings Account operations. The Income Tax department sets these rules.
Hence, you should abide by them to stay off the IT department's radar. Following are rules and regulations applicable to a new Bank Account:
Minimum Balance Requirement
You should maintain a minimum bank balance in your Savings Account. The bank can penalize you if you fail to maintain the requirement. The minimum balance requirement and penalty charges differ for each bank. Consider the limit and associated charges before opening an account.
Cash Deposit Limitations
There are no specific rules to cash deposits made to a Savings Account. However, there are some rules to follow for high-value deposits. You need to provide the bank with your PAN card details every time your deposit amount exceeds the Savings Account deposit limit, i.e., Rs 50,000. The bank needs to inform the IT department if your cash deposits and withdrawals exceed Rs. 10 lakh.
The rules also apply to deposits and withdrawals made from your online Bank Account for investment, Credit Card expenses, and foreign currency exchange.
Cash Withdrawal Limitations
You can withdraw cash from your account using the ATM up to a specific limit. The cash withdrawal limit can range from Rs. 10,000 to Rs. 1 lakh. It primarily depends on the type of account you hold. The withdrawal limit will differ from an NRI Account. There is a cap limit on online transactions as well.
Account Usage
You need to use your Savings Account at least once in a financial year to keep it operational. The bank may freeze and render it dormant if you have unused your Savings Account for a long period. Ideally, keep it active by using them for bill payments. You can provide standing instructions to the bank to make periodic payments on your behalf. This way, you do not miss out on a payment due date, and your account remains operational.
Debit Card Usage
You receive a Debit Card with your new Bank Account with the welcome kit. You can easily withdraw funds and make transactions using them. Use your Debit Card at least once in six months to keep it operational. As a security measure, the bank deactivates your Debit Card if you do not use it beyond this period.
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